Fictitious capital, real debts: Systemic illiquidity in the financial crises of the late 1990s

Article Abstract:

Systemic illiquidity is emphasized as an important component in the financial crisis of the late 1990s and Minsky's financial fragility hypothesis is critically analyzed, by extending his observations into the analysis of crises in East Asia, Russia and the US in the late 1990s. Three main factors of these crises, namely, financial liberalization, progressive illiquidity and debts burdens incurred during the periods of investor euphoria are identified and explored.

Asia, Russia, East Asia, Debt management, Financial crises

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The impact of fiscal constitutions on state and local expenditures

Article Abstract:

Research suggests that US state governments adopting expenditure or tax limitations face significantly lower state and local spending levels. Policy spending decisions are influenced by fiscal discipline mechanisms.

State government

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More than August blues

Article Abstract:

The article discusses the world economy and the economic expansion in the low-inflation environment and the current situation it is facing.

Evaluation, Inflation (Finance), Policy scientists, Global economy, Inflation (Economics)

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